As threats to systems become more and more complex and ubiquitous, we see a call from regulators, insurers, and even the government to approach the problem using a risk-managed approach. In the past, an approach such as using an embedded risk management tool (GRC tool/ERM tool), would have been classified as an enterprise solution and not a Small-to-Medium Enterprises need.
Today we see the landscape is changing: Integrated Risk Management is becoming an essential part of cybersecurity operations for Small-to-Medium Enterprises.
What is Integrated Risk Management?
According to Gartner, Integrated Risk Management (IRM) is “a set of practices and processes, supported by a risk-aware culture and enabling technologies, that improves decision making and performance through an integrated view of how well an organization manages its unique set of risks.” It is less about strategy and more about the day-to-day management of risk in our decision making.
Benefits of Integrated Risk Management for Small-to-Medium Enterprises
So how do we get to where Small-to-Medium Enterprises effectively integrate risk management? Through organization and awareness. While integration can be done manually, there is a considerable benefit to managing it via a system that makes it easy to track and report. Other benefits of an IRM tool include:
- A single view of top risks to set strategy.
- Better alignment of the business and the IT landscape.
- Creating a business culture that is aware of cyber risk.
- Improving efficiency and meantime from risk assessment to risk mitigation.
Exiting risks are becoming more complex with new emerging threats, regulations, and laws that continue to demand validation. Companies need to integrate solid risk management programs and be able to demonstrate their current risk level, and mitigation actions being taken to consistently reduce risk and improve cybersecurity maturity.
Using spreadsheets to manage and monitor risks can’t do the job properly in today’s world. Instead, large and small organizations are turning to effective integrated risk management solutions.
Learn more about how Foresite Cybersecurity is leading the way with its new Foresite Integrated Risk Management (FIRM) solution. FIRM is an assessment, reporting, and monitoring tool that gets you into compliance fast- without breaking the bank.